- Tencent confirmed VP Zeng Yu is stepping down but denied rumours of layoffs
- TiMi Studio Group is actually hiring as it seeks to fill vacancies
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Tencent denies rumours of further layoffs and restructuring but acknowledges a number of key personnel changes at the company, including vice president Zeng Yu’s departure.
A Tencent representative told Yicai that rumours about “large-scale changes” are untrue and that no specific optimisation plan for the TiMi Studio Group team is in place; in fact, Tencent is hoping to hire new talent as TiMi has many job vacancies to fill.
The statement was made in response to rumours that 20% of TiMi’s workforce were being laid off in addition to 30% of the LightSpeed employees developing a Palworld-like mobile game.
The conglomerate already laid off 5,500 employees in 2022 and closed Team Kaiju in 2023.
Management overhaul
While Tencent has denied the latest cutback rumours, an internal email was sent on October 25th informing staff that Yu is retiring from the company to focus on his health and his family – stepping down from the role of VP and his responsibilities over Tencent IEG’s technical line.
Senior VP Ma Xiaoyi will take over these technical line duties going forward.
The email also confirmed that Tencent has dissolved three departments or centres including in R&D, but has also formed four new departments or centres within Tencent IEG. This organisational restructuring has included an overhaul of management, impacting more than ten people.
Only two general managers have actually lost their original posts, however, while the remainder have been given additional duties on top of their current positions.
Tencent didn’t comment on the status of TiMi Studio Group Level-1 GM Huang Lanxiao, whom the rumour also claimed was stepping down.
The confirmed restructuring comes roughly six weeks after this Top 50 Mobile Games Maker revealed a launch window for the upcoming RPG Honor of Kings: World.
The Chinese conglomerate was also rumoured to be considering a Ubisoft buyout alongside the Guillemot family.
